Agricultural Micronutrients Market Size Forecast to Reach $5.7 Billion by 2025

Agricultural Micronutrients Market size is forecast to reach $5.7 billion by 2025, after growing at a CAGR of 8.5% during 2020-2025. With increasing soil testing & plant analysis for requirement of high-quality agricultural production, micronutrients deficiency has been verified in many soils, which will increase the demand for micronutrients and owing to this the agricultural micronutrients market will grow. Increasing use of chemical fertilizer is also driving the growth of micronutrients, as it protects crops from insects, UV radiations, and also offer increased yield which will further enhance the overall growth of Agricultural Micronutrients during the forecast period.

Key Takeaways

  • Asia-Pacific dominates the Agricultural Micronutrients market owing to increasing demand from applications such as tomato, citrus, soybean and others.
  • Increasing usage of fertilizer as it protects crops from insects, UV radiations, and also offer increased yield, is likely to aid in the market growth of Agricultural Micronutrients.
  • Growing technologies toward soil testing & plant analysis for requirement of high-quality agricultural production, micronutrients deficiency has been verified in many soils, which will increase the demand for micronutrients.
  • COVID 19 pandemic will create few hurdles for the Agricultural Micronutrients market.

Minerals – Segment Analysis

Zinc segment holds the largest share in the Agricultural Micronutrients market owing to the increasing awareness of zinc deficiency in soils across the globe and its wide range of functions in the growth of plants. Zinc is an essential micronutrient for human metabolism that catalyzes more than 100 enzymes, facilitates protein folding, and helps regulate gene expression. Patients with malnutrition, alcoholism, inflammatory bowel disease, and malabsorption syndromes are at an increased risk of zinc deficiency. Symptoms of zinc deficiency are nonspecific, including growth retardation, diarrhea, alopecia, glossitis, nail dystrophy, decreased immunity, and hypogonadism in males. Zinc is the second most abundantly distributed trace element in the body after iron.

Crop Type – Segment Analysis

Fruit & Vegetables holds the largest market in the Agricultural Micronutrients market. Fruits and vegetables can be great sources of important nutrients such as calcium, fiber, folate, Iron, Magnesium, Potassium and Others. There are two basic groups of nutrients that must be obtained through the diet: macro-nutrients & micro nutrients. Macro-nutrients are comprise of proteins, carbohydrates and unsaturated fats while vitamins and minerals make-up micro-nutrients. All nutrients play different but vital roles in our health and wellbeing. Although needed only in small amounts, micro-nutrients are essential for the proper functioning of every system in the body and are vital for good health. There are two classes of micronutrients, vitamins and minerals. Each vitamins and minerals have a specific role in bodily function.

Application – Segment Analysis

Tomato has been the primary market for Agricultural Micronutrients as Tomato has the largest blends of micronutrients. Tomatoes need micronutrients too, even if only in small amounts. Zinc, iron, boron, chloride, molybdenum, copper and manganese serve many purposes. Molybdenum, for instance, helps tomatoes efficiently use nitrogren, while zinc helps regulate growth and promotes proper sugar consumption. Boron assists tomatoes in making use of nutrients and is also essential to the development of their fruit and seeds. To give tomatoes all the necessary nutrients, you need to apply the right fertilizer. a fertilizer low in nitrogen, high in phosphorus and with a medium to high amount of potassium. Secondary and micronutrients can be delivered through organic matter.

Geography – Segment Analysis

APAC dominated the Agricultural Micronutrients market as APAC holds the largest area for agriculture. Countries such as India and China are major players in this region. Major crops produced in Asia include rice, sugar beet, fruits & vegetables, cereals, and grains; the region consumes 90% of the global rice produced. There is a huge demand for agricultural micronutrients market in Asia Pacific due to the direct use of micronutrients to treat plant deficiencies and are often sprayed in combination or as additives. Micronutrients are essential elements that are used by plants in small quantities. For most micronutrients, crop uptake is less than one pound per acre. In spite of this low requirement, critical plant functions are limited if micronutrients are unavailable, resulting in plant abnormalities, reduced growth and lower yield.

Drivers – Agricultural Micronutrients Market

  • Increasing usage for fertilizers

Various nutrients boost plant production and keep people all over the world fed and healthy, and enhanced efficiency fertilizers. The third category of essential crop nutrients: micronutrients. Micronutrients play a supporting role in overall plant health and development. Micronutrients promote essential plant processes and growth, which translates into nutrient-rich food for animals and humans. Micronutrients include boron, chlorine, copper, iron, manganese, molybdenum and zinc, which are often in short supply for growing crops. Owing to this the increasing usage of fertilizers the Agricultural Micronutrients market will grow.

  • Implementation of Governments Regulations

Governments globally are focusing on boosting their agriculture sector. Whereas Governments regulations such as Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) by Indian Government will help to grow the agriculture sector. Under the Scheme an income support of Rs.6000/- per year is provided to all farmer families across the country in three equal installments of Rs.2000/- each every four months, which will financially help the farmers let them focus more towards farming. And with the growth of agricultural sector the Agricultural Micronutrients market will grow.

Challenges – Agricultural Micronutrients Market

  • Impact of COVID 19

The global Agricultural Micronutrients Market continues to be challenged by the lockdowns, logistical disturbances, reduced productions, and associated economic impacts of COVID-19. The global fertilizer sector has been affected since the outset, primarily in China, the world’s largest producer as well as consumer of agriculture micronutrients. The outbreak of a novel coronavirus in China has to date had the most critical impact across the Chinese agriculture micronutrients sector, affecting the movement of both micronutrients products and raw materials in and out of the country. Moreover, this pandemic also expected to hit the agriculture micronutrients industry in the U.S., Brazil, India, and EU-5 countries.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Agricultural Micronutrients market. In 2019, the market of Agricultural Micronutrients has been consolidated by the top five players accounting for xx% of the share. Major players in the Agricultural Micronutrients Market are Agrium, BASF, Akzonobel, Coromandel International, Dow Chemical among others.

Acquisitions/Technology Launches

  • In August 2018, BASF closed the acquisition of businesses and a range of assets from Bayer, which would help the company to strengthen the market position in agricultural solutions.